By Jon Peterson
Trammell Crow Residential has plans to have a groundbreaking event around the middle of May on its $90 million, 144-unit Alexan Downtown Danville apartment development in Danville, according to representatives from the development company.
“We are expecting that framing on our project will commence in time for our event that is set for May 15th. Our long-range plan is to have the development completed by the Summer of 2020,” said Bruce Dorfman, senior managing director for Trammell Crow Residential, who works out of the company’s San Francisco Bay Area office in Mill Valley.
Trammell Crow is developing the project along with its equity partner Barings Real Estate Advisers. The development also has construction financing in place, which was provided for the project by Wells Fargo.
The developer is hoping that its new development in Danville will give some people a housing option in the region that has been traditionally constricted. “The existing apartment stock within Danville is very limited and does not contain any Class A product, and with an average vacancy of 1 percent renters have very few options. Combine that with the lack of affordability of the newer for-sale housing stock, Alexan Downtown Danville will provide a favorable option for first-class living within a highly sought-after, walkable downtown location,” said Dorfman.
Trammell Crow is working with the town of Danville to build a pedestrian bridge that will go over the creek and provide a direct link from its project to Danville’s historic downtown district, the public library, Danville Community Center, quality schools and other public amenities.
Alexan Downtown Danville is located at 373 and 379 Diablo Road. 10 of the units in the project will be considered affordable. The two largest number unit types that the project will be offering are of the one- and two-bedroom variety. These units will make up 82 percent of the project, with 49 percent for one-bedroom and 33 percent, or 47 units, planned to be two-bedroom. There also are some two/three-bedroom townhomes, studios and regular three-bedroom units.
Trammell Crow is expecting a broad range of renters interested in its project. “The main targeted renter profile would be professionals or business owners, singles or couples who want to live in a very desirable town conveniently located in the 680 corridor. And, due to the number of two and three-bedroom townhouse units, we are also targeting young families and single parents with children,” said Dorfman.